Hong Kong Ordinances

OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 25

Trusteeship requirement

(1) In this section-

"employer trustee" (僱主受託人) in relation to a trust means-

   (a)  the relevant employer of the registered scheme which is governed by
        the trust;

   (b)  an associate, not being a registered trust company, of such employer;
        or

   (c)  an employee of such employer, when acting in the capacity of a trustee
        of the trust;

"non-employer trustee" (非僱主受託人) in relation to a trust means a
trustee who is not an employer trustee.

(2) Where a registered scheme is governed by a trust-

   (a)  the sole trustee of the trust shall not be an employer trustee; and

   (b)  where the trust instrument provides for the appointment of 2 or more
        trustees, there shall be appointed for the time being at least 1
        non-employer trustee.

(3) Where a registered scheme is a Hong Kong domiciled scheme and governed by
a trust, the relevant trust instrument shall be construed and have effect as
if the instrument-

   (a)  required the appointment of at least 1 non-employer trustee; and

   (b)  provided that in case all non-employer trustees cease to be trustees
        at a time when there was an employer trustee, at least 1 new
        non-employer trustee should be appointed as soon as reasonably
        practicable, if the instrument does not so require or provide.

(4) A non-employer trustee appointed by virtue of subsection (3) shall for all
purposes be regarded as having been appointed under the relevant trust
instrument. (Enacted 1992)

"employer trustee" (僱主受託人)

"non-employer trustee" (非僱主受託人)